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agreement, a bigger deal, a grand bargain or whatever you want to call it, that solves the deficit problems in a balanced and responsible way that does not just deal with taxes but also spending so that we can put all this behind us and focus on growing our economy. with this congress, that was obviously too much to hope for at this time. [laughter] maybe we can do it in stages. we will solve this problem instead in several steps. in 2011, we started reducing the deficit through $1 trillion in spending cuts which have taken place. the agreement being worked on right now would further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades so that would add additional hundreds of billions of dollars to deficit reduction. that is progress but we will need to do more. keep in mind that just last month, republicans in congress of they would not agree to raise tax rates on the wealthiest americans and the agreement being discussed would raise those rates permanently. [applause] keep in mind, we will still have more work to do. we still ha
pleasure. >> cenk: you know that deal to stop the fiscal cliff? it adds to the deficit. i'm not kidding. >> individuals can't take advantage of loopholes and deductions that are available to most americans. argue with their conservative uncle joe over the dinner table. >> cenk: now if there is one thing i know is that this fiscal cliff deal that they just signed, it is a deficit reduction deal. part of the reason that i know it reduces the deficit is because the president told me. >> obama: last year i signed into law $1.7 trillion in deficit reduction. tonight's agreement further reduces the deficit by raising $620 billion from the wealthiest households in america. and there will be further reduction when congress decides what to do with the spending cuts we've delayed for two months. >> cenk: deficit reduction right? not exactly the congressional budget office does not agree with the republicans or democrats who say this is a deficit reduction. they say we have changed the law so that we have added 4 trillion-dollar to the deficit deficit, 4 trillion-dollar. that's not reducing the d
of the house. we passed a bill, as you know, back in june, strong bipartisan effort, deficit reduction of $24 billion altogether, reforms that were needed, did away with government subsidies that did not make sense. we sent it to the house. we were very close on the full bill. to my sheer surprise and shock, the house never took it up. i have never seen that before in my life, where the speaker of the house would not think that the 16 million people that work in agriculture across america were not important enough to bring a five-year farm bill to the floor. that was the worst part of all of this. it creates the situation of trying to figure out how we go around the house that will not take up the bill. we did end up with an extension that was different than was agreed to by the four leaders. that was also done at the very last minute by senator mcconnell leading the way. he had voted against the farm bill, even though he agreed to bring it to the floor. he was clearly protecting the interests of those who want to keep the big government subsidies. the extension we wanted that would have exte
. $60 billion per year does not cover one report of interest on the ballooning deficit. the fallout predictions and? more taxes are coming. they will be sneaky with deduction minutes for now. then for everyone. it is reality. there is no appetite to cut spending. what do we do? an additional the option when you give up on the art option to tax the hell out of everybody. look at your paycheck. it is just starting. cash only.derful weekend. david: have a great weekend. melissa: i'm melissa francis and here's what's "money" tonight. a gun store misfire. one georgia dealer won't sell assault rifles to civilians and in response, the local police refuse to do business there anymore. the county sheriff is going to join us in just a second to explain why. >>> plus, are you happy about today's jobs numbers? good. then you won't mind at this rate it will take most of my life to get everyone back to work. today's "money" panel crunches the numbers. >>> thank you, america. a major ad bliss by aig gives thanks for its $182 billion bailout but reminding people you almost went belly-up seemslike a
. this will be full and frank and unvarnished this afternoon. let me remind him that we said we would cut the deficit in did is down by 25%. we said we would cut immigration and it is down by 25%. we said we would balance the economy, 1 million private-sector jobs. that is a record to be proud of. >> he has to do better than that. because -- because this is what his adviser says. he said asia and publish the secret order because as problematic areas it would lead to unfavorable copy and identify broken clinches. >> it is a far cry from the rose garden because this is what they said. we should throw open the door to enable the public to account. have another go. it is the simple question. was it his decision not to publish the audit, from his adviser, it would overshadow favorable coverage? >> order! calm down! >> early in the year -- calm down. calm down. these are difficult times ahead. it is his decision not to publish the audit. it is my decision is being published this afternoon. is this really the best he can do? he had a week in the canary islands with nothing else to think of. he does not ask
reduction. this week's action further reduces the deaf -- deficit. i'm willing to do more. i believe we can find more places to cut spending without short-changing things like education, job training, research and technology all of which is critical. spending cuts must be balanced with more reforms to our tax code. the wealthiest individuals and the biggest corporations should not be able to take advantage of loopholes that are not available to most americans. as i said earlier, one thing i won't compromise over is whether or not congress should pay the tab for a bill they have already racked up. congress refused to give the united states the money to pay the bill on time the consequences could be catastrophic. our familieses and our businesses account no afford that dangerous game again. i congratulation the newly sworn members of congress and i look forward working with the new congress in a bipartisan way. if we focus on the interest of our country above the interest of our party i'm convinced we can cut spending and we can protect the middle class. we can step up to meet the important b
less prosive 113th. number two, no one cares about the deficit. people in washington who most claim about the deficit don't actually care about the deficit. for instance, all of these people -- >> a national debt that has gotten so out of hand, it sparked a crisis without precedent in my lifetime or yours. >> deficits that mortgage our children and our grandchildren's futures. >> we've got to get this debt and deficit under control. we're not going to dump that issue. >> i'll keep doing everything i can to get our economy moving forward. and put our national debt under control. >> if nothing changes, we'll have deficits every year for the next ten years. the next decade. no one can tell me that we can sustain that pace. >> all of those people you just saw invading against the deficit, all of those people voted for a deal. according to an analysis of the congressional budget office adds $3.9 trillion over the next decade. i've said this before, i'll say it again, you cannot make sense of what politicians in washington actually do if you take at face value their stated concern for the
it does help to have a deficit if you use the period of grace permitted by a deficit to do the structural things to make the economy grow better. melissa: like what? like what? what should they be doing, peter? >> getting bank regulation right. using restructuring remedy as opposed to all the bureaucrats running around, 107 inside of jpmorgan and couldn't catch the london whale because nobody was in that office, that kind of thing. developing more domestic oil and gas. things that are impeding growth because the government is in the way. get it out of the way and then if you do that and growth is faster, then you don't need all that deficit. you can cut spending. the other thing we have acknowledge a awful lot of our growth now and behavior of people has become dependent on these big deficits. look at the employment numbers. we never talk about it but the big number every month, big winner every month is health care. why? that is really an extension of the government sector. go to a hospital these days. it is nothing but a government bureaucracy with a lot of supervisors that don't do ver
the economy to grow and reduce the deficit. thank you. host: meanwhile david rogers of politico with some legislative issue on the agenda today for the house of representatives. if you swapped our coverage following the debate over the fiscal cliff, late in into the evening on new year's eve day there was a ruck cuss over the issue of hurricane sandy and $16 billion to help the hurricane victims along the coast of new york, new jersey and connecticut. the house is to take up the bill on friday. house republicans are moving quickly to win approval this week of $9.7 billion in increased financing to pay for flood insurance claims arising from the storm in october, the measure filed thursday for floor action today would temporarily raise the bar on authority for the national flood insurance program, which is now expected to hit its ceiling some time next week. congressman garrett republican of new jersey fiscal cliff is lead sponsor. we have live coverage getting under way at 10:00 eastern time. as the house convenes this morning and live coverage of the joint session will get under way earl
-term deficit. >> john: congressman jordan do you buy that? >> no, they are scheduled for the outyears. congress said give us the revenue and we'll promise to get the cuts. that's what the fiscal cliffs was. no cut necessary there and stame old, same old. i tell folks back at home, this is promises from politicians, not from your parents or pastor or priest. politician say we promise to get to the balanced approach later and cut spending later. mitch mcconnell is right. we have to cut spending. credit card is maxed out. he is right. let's foxus on the problem which is this government can't control spending and we have to control it. >> john: we spoke at link when you were the president's point person on the budget and you state said simpson-bowles and you have to have the model and revenue and spending cut. >> guest: that's right. >> john: we got revenue. where are the spending cuts. >> guest: the cuts and revenue are with far short in both categors. mr. #1: but you are looking at trillion hole in the debt. >> guest:icisms simpson bowles said it would allow it to go to the starting levelings. on
? >> the president has been very clear his absolute principle is we need to reduce our deficit in a balanced way that does not shift all the burden troop cuts exclusively on senior citizens. on families who have disabled children, families were trying to send their kids to school. that is unacceptable. one of the things we learned in the process we went through last year is when it comes to specificity, we never saw any specificity from republicans in terms of how they would achieve the kind of sweeping cuts they say they want. and from home with the demand that payment and what the president has been clear about is he will not negotiate. it is congress's responsibility to pay its bills. he will negotiate and is willing to compromise as his demonstrated repeatedly when it comes to moving forward in a balanced way to reduce the deficit. we have to do with the sequester. we have to deal with a variety of budgetary and economic and fiscal challenges. he will not negotiate over the debt ceiling. the threat itself is a problem. as we saw in the summer of 2011, the binary choice that republicans want
deficit reduction in the long term and, number three, some stability and some certainty about the future, and we got none of this, and that really is a major problem. we are going to be up against continuous trench warfare, and we have not dealt really at all with the deficit, long-term deficit problem, and in the short term we've got a huge employment issue. i mean jobs should be the number one issue right now in the country. it still is. we saw that unemployment report, it still is a terrible jobs picture and yet we have virtually no stimulus, in fact, you know, social security taxes are going up. >> jon karl, clear when i was talking to senator mcconnell that even though he doesn't want to accept the possibility of another massive confrontation over the debt limit in february but it's coming, the divisions are as wide as they ever were. >> we are absolutely on a collision course. this amazing situation, george, where the white house is saying, they will not negotiate on the issue of the debt limit. that's just something congress has to do, period, no negotiations, they're not scheduli
government spending cuts. in reality, the best plan to reduce the deficit comes from new tax revenue, not spending. kevin drum on mother jones points out spend willing be lower in a decade than when ronald reagan took office. the president who increased spending to its highest level in the past 30 years was george w. bush. compare spending to tax revenue, taxes are at their lowest levels in a half century. additional tax reforms would easily help cut the deficit even further. republicans need to keep talking about spending in order to get concessions of the big three. here is the troubling part in this whole conversation. when it comes to social security, they may have a willing partner. his name president barack obama, who has repeatedly made offers to republicans on cuts to social security. the recent fiscal cliff negotiations, president obama gave house speaker john boehner a third proposal, increasing the tax rate threshold to $400,000 and adding chained cpi, which is a benefit reduction in social security. that's the only way you can look at it. republicans did not take
for the u.s. credit rating if we don't get a deficit and budget deal but other than that the economy is very healthy. >> you really care about the credit rating? the last time we had a credit rating downgrade, people bought treasuries like crazy and our interest rates went down dramatically. >> that's right. i think that's a real concern though. i think, that you know, we only have a 60-day moratorium on the sequester, and that's not a lot of time, and the only thing we've really addressed is fixing the tax rates which helps investors with certainty around their own tax planning, but beyond that, we've got a lot to do on the budget and the deficit. >> brian, you sunday a little more cautious than these guys, are you? >> just a little bit. i think that the reason for caution is because we do have the march 1st deadline for the quester when that kicks in. there will be debate about that and the debt ceiling in march. there's going to be the continuing resolution that expires on march 27th. when i look at things like the debt ceiling or credit rating of the united states, that's a non-issue. yo
not opened a new loopholes, we would not be having discussions about the dangers of the federal deficit. tax cuts did not just that in the bank accounts of rich people to, they plunged the nation deeper into the red. >> guest: absolutely, and that think written about taxes and deficit finance for many years. and until we looked into it for this book we did not fully realize just how egregious those revenue losses have been. this is the point we make. a lot of people think what is happening in the economy, all this is inevitable and we are just -- the rest of the world is catching up with us and that is where incomes are stagnant and all this business. we show that it is very much because of public policy. these things are just not happening and and and. taxes are a perfect example of that. i mean, none of the statistics in the book -- one of the statistics in the book that has stunned people, go back to the 50's and look at the richest americans, which is a specific number of people come of 400 richest. the irs says track these people often on for many years. back in the mid-50s they paid 51
in the direction of beginning to solve our long-term debt and deficit problem? it's perplexing to me. that the president of the united states, elected to lead the country, is so reluctant to engage on the most important issue regarding our future. >> but you understand what the president told me last week and other democrats have said, the republicans had a chance to say yes to a number of things, in addition to the trillion dollars of spending cuts that were en80ed as part of the budget control act of last year. they could have had additional cuts in entitlement programs if you had agreed before you did it in this temporary measure. going back to the summer of 2011, the president said to all of you republican leaders, if you didn't have such a hard time saying yes to me as president we could have solved some of these issues why. is he off base about that? >> you can relitigate the past if you want to. where we are now is we have resolved the revenue issue, and the question is, what are we going to do about spending? i wish the president would lead us in this discussion, rather than
. it will strengthen you. thanks for watching. i'm al sharpton. "hardball" starts right now. >> deficit masquerade. let's play "hardball." >>> if you watch the follies of the fiscal cliff negotiation, you surely heard one thing, republicans want to cut the deficit. here's a headline for you, no, they don't. republicans are hiding behind deficit cutting to mask their true goals, protecting the rich from taxing the government. >>> also, the best news of the day, the 112th congress is history. and it made history in many ways. the least productive, most unpopular congress since people have been tracking this sort of thing, the 113th can't be worse, can it? >>> plus, speaker john boehner was shamed into scheduling a vote on hurricane sandy relief after being humiliated by fellow republicans. is it possible that the house didn't vote because a southern, rural, right-winged republican party just doesn't care about the northeast? nchtsz and, a debate heats up over a newspaper that published the names and addresses of every gun permit holder in two new york county areas. now the paper wants to do it for a thir
app income. 75% to 11%, even to reduce the deficit, do not cut social security benefits. now, progressives, like myself, asking for a purity on the 75% portion of that issue is completely different from those on the right that are standing up to the 11% popular issue. his version of fair is essentially proposalling a 50/50 compromise or 60/40 compromise on the other side saying the votes. if 75% of the people are on the side, he should hot give a 50/50 deal to the republicans. >> host: too late, dick durbin, second in charge of the democrats, said look at deductions and loopholes, but say anything about going back to individual tax rates. >> guest: because we left hundreds of billions of dollars on the table in that round, the bar is higher for democrats this round, and that's numerous answers to make sure we preserve social security, medicaid, and medicare benefits. there's hundreds of billions of dollars in corporate tax loopholes, they can get away with murder, and venn the leader of the republican in the senate was on "meet the press" this weekend granted there were tax l
run, running up the deficit can cause a fiscal collapse and crisis that could lead to major recession, but in the short run, jobs 2013, giving the tax credit to make movies in america. if they make the movie in canada wouldn't that create less jobs in the u.s. than making the movie or commercial here. yeah, it's increasing the federal deficit it's same with building nascar race tracks, that you wouldn't have built without credits from the government. it's not a great policy long run, but it will make jobs in the short run. >> you're the only guy who likes electric motor scooters and nascar. >> it's time for an opportunity to take my scooter out on the track. >> brenda: all right. gary b, i have a feeling you don't agree. >> i don't, brenda. look, i do agree with one point jonas made, no one can disagree that stimulus spending creates jobs. we're all in agreement about that. the real question, is that dollar better spent by the government or is it spent-- betterpent by the private sector? look, this has been studied and t multiplier, essentially, what does a dollar create in the gdp? t
.s. government is not just its annual deficit, but its total liabilities. our federal balance sheet does not include our unfunded social insurance obligations. medicare, social security, and the future retirement benefits of federal employees. only in the small print of the financial statements do you get some idea of the enormous size of the unfunded commitment. today, the estimated unfunded total is more than $87 trillion. that's 550% of our current gdp, gross domestic product. and the debt per household is more than 10 times the median family income. of course, we can go on whistling in the dark, until we run into the reality of a crisis we sometimes hear vaguely mentioned. when it is mentioned at all. unquote. >> that was an earlier column. have you had a chance to sleep on this? do you want to retract any of that? >> that is pretty scary stuff, mort? >> it is scary stuff. and i think a lot of people who who have followed this issue closely share the same view. this is not something i dreamt up. this is a very serious problem facing this country. and anything could turn it in the wro
,000 jobs. finance ministry officials say a shrink in surplus is causing an account deficit here in japan. the current account is in the negative for the first time in ten months. financial analysts place the november account deficit at about $2.5 billion. the trade in goods deficit came to more than 9.5 billion dollar. eu and chinese consumers have been buying fewer japanese products. company directors saw exports fall by 4.2% over last year while imports rose by 0.8%. time to get a check on the markets. the yen remains weak on speculation that the prime minister will push for further monetary easing measures. the dollar hit the 89 yen level for the first time in two and a half years. that pair trading at 89.07 to 12 at the moment. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting expo
of a trillion dollar plus debt, and already deficits and this year alone the fiscal year alone, $2,903,000,000,000 in deficits just in this first quarter. tell me, can the american people trust congress to fix this problem with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments
, the baseball hall of fame is in a lot of financial trouble. eight deficits in the past ten years, the town of cooperstown is hurting because they're not getting the tourist attraction. this year is going to be a big zero with no one inducted. what's the hall of fame going to do? >> and that's what i thought of, the mom and pops down in cooperstown, new york. leading up to the induction ceremonies for a good chunk of their business. without anybody to induct next year or really anybody alive because the three players from the veterans committee are going in but they've been deceased for 75, 80 years, it's going to take a big impact on them economically. hopefully they can look beyond the horizon or the 2014 and say we might be getting four, five, six, maybe even seven players with veteran committee electees in 2014. so the drought of '13, hopefully for those kind of people will be made up for in 2014 economically. >> it looks like nobody will get in, can we waive the rules and put derek jeter in right away? can we put jeter in? >> i wouldn't have a problem with it. i think he might. but cer
, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to
for a while. we have gone from a $25 billion deficit to a slight surplus. governor brown rolled out his spending proposal today. it includes a general fund of $97.7 billion. it features an increase in spending for education, transportation, even a rainy day fund. cbs 5 reporter grace lee joins us from the newsroom and explains how the proposal represents the beginning of this new era, we hope. grace. >>> reporter: we have been talking about the bad times for so long it really is a new era. this is a governor who repeatedly has talked about fiscal discipline, even when things are starting to look good for california this year. so his message today is that that deficit may be gone but we still have a wall of debt to pay back from the hard years. and the biggest winner of his proposed budget plan, k-12 schools. after years of cuts, they are going to get $2.7 billion more next year and that number continues to rise so that by 2016 an extra $2700 per student per year will be spent here in california. now, the governor is not only adding money to public sc
deficit is gone at least for now. in fact, we have gone from a $25 billion deficit to a surplus. governor brown rolled out his spending proposal today including a general fund of $97.7 billion and features an increase in spending for education, transportation, and even a rainy day fund. cbs 5 reporter grace lee joins us with how this is beginning of a new era. >> reporter: budget chair senator mark leno called this budget a breath of fresh air after so many tough years of cutting back it's a different proposal that we're hearing. but the governor says this is knots the time to start spending wildly and is giving more money to schools but the way he wants to do it is already causing waves. >> drizzle... >> reporter: in the city of richmond, perry's elementary school has 600 students. every, single one on reduced or free lunch. and after years of cutting back, they have learned they will get more money under the new budget. >> we are thrilled with lower class sizes enhance the educational experience by actually having an extra period. so maybe
presidee over row. so for all the talk out there about deficit reduction, paking ure our books are balanced, this is the guy who did it, three tiims. jack lew, obbma's chief of staff and former budget director, has been by the president's side through bruising deficit reduction negotiatioos. but lew is not a ddrllng of wall street or repuulicans. in bobb &pwoodward's "the price off boehner ssys he told the - presiient "please don't senn jack lew" during the fragile debt ceiling neggtiations of 20111."it was unbelievabbe," boehner said. "at onn point i told the president, keep him out of here. i don't need somebody who just knows how to say no." with the lew announceeent, all of the president's top picks, state, briefing this week, reporters - have peppered press secretary observersshave dubbed "obama's white ggy problem". these storris are in eaction to a couple offappointmenns. i think it would be useful to &pwait and make judgments about this issue afferrthe preeident has made the totality of appointments that he will make in the ttansition to the seconddterm of obama's sixt
battles over taxes, spending and deficits. >> if the senators to be sworn will now present themselves at the desk. >> woodruff: high noon was swearing-in time in the senate today. vice president joe biden, who serves as senate president, administered the oath of office to the freshmen and re-elected members. >> do you so solemnly swear that you will support and defend the constitution of the united states against all enemies foreign and domestic. >> woodruff: the ceremony came just hours after the old congress worked down to the wire, passing the fiscal cliff legislation. and, president obama, on vacation in hawaii, signed the bill into law on wednesday. on the senate floor today, republican minority leader mitch mcconnell, took note of the week's events. >> i'd like to welcome everybody back after what i realize was a somewhat abbreviated recess. >> woodruff: mcconnell's minority will be smaller still in the new senate. democrats now have 53 seats to 45 republicans and two independents will caucus with the democrats. in all, there are 12 newly elected senators: eight democrats, three
year. he is saying for the first time since the recession, california faces no budget deficit. his new spending plan calls for small increases in education to fund a budget of $97.7 billion. even though he expects it to cost the state in the coming year. he has suggestions in how they can do that. i'm not quite sure how he says it face knows budget deficit. because according to the latest numbers, ty, from the controller's office, which came out last week, california, as of december 31st, had a cash deficit totaling $24.2 billion, which was cover bed borrowing. . so the controller said the debt is 24.2 billion. the governor says no deficit for the first time since the recession. >> is this his budget for fiscal year? excuse me, jane. is this his budget for fiscal year 2013? and when does that start? does it start july 1? >> starts july 1st, yes. he is now presenting his budget starting july 1. >> jane, i tell you, i'm stunned. >> yeah. >> it doesn't make any sense given the numbers you've been following so closely for the past few years. i'm anxious to see how they did it. are you as s
futher reduces the deficits byyraissng $622 from the wealthiest households in america." america." the compromise increassd the inccme tax rate to early 40 percent for those individuals making more than 400-thousand dollars.but the deal didn't really put a dent in the national debt so 3 increases ahead. ut ssme ecomomisss say therr just arrn't eeough very rich peoppe to keep the government & going very long. long."if you took not only the tax creases that president obama wants but it you every single penny and dollar thatt -3 they made over a course of a -3 year you'd only ankroll the & months that hardly seems like a meaning full solution. right and that assumes that people would still ork and stil invest. invest. so we decided to see - how something even more prastic wouud work.... what about taking 100 percent of in one year. we're talking about taking aboutt100 percent of their entire fortunes.. we went to the forbes magazine liit of 100 richest americaas. pnd we added up the entire buffet and the next 98 people -3 on the super wealthy li
. which proposal or proposals do you favor to raise revenue through tax reform through deficit reduction this year? >> we've just passed a major tax revenue producing measure. there are lots of them on the table. i'm not going to get into the specifics yet. we'll sit down on the finance committee and discuss the various things available. >> which of the two proposed filibuster reforms do you support? >> the bottom line is we have to do something, the senate's broken. if we cannot come to a bipartisan agreement, we have to get 51 votes for some kind of change in proposal and that's easier said than done. so we're measuring. i think there's consensus on the democratic side we have to do something. and i would like to go as far as we can with something that passes and that's what we're trying to work on. ok? i believe we need real change. >> can i get your response to -- >> this is the last one. >> your response to the op-ed in the houston "chronicle" saying that a partial government shutdown might be necessary. >> i haven't read my copy of the "houston chronicle" this morning yet but i thi
office said the fiscal cliff deal leaves a 900 billion a year budget deficit and republicans say there is no confidence that the country will get its debt problem under control. the tax hike that congress approved and ended the revenue part of the question. spending cuts are all that is left. >> when you have no more money in your account and credit cards are maxed out. spending must stop. that's the reality facing america as we talk about the debt limit budget. we have to tackle washington's wasteful spending! >> the country reached the debt sealing in the new year. creative accounting moves can give us some. thank you for that report. you can get up to speed. coming up on "fox and friends" tomorrow. john robers is in for chris wallace and joined by congressman jim word jordan of chicago and holland of maryland. that is tomorrow . and check out your local listings for times. >> new word that president obama could nominate next secretary of defense. reportedly set to tap republican senator and vietnam war veteran chuck hagel. here's the report. >> it is it a evening white house s
our trajectory of our budget deficit is going to be. certainly, the budget is not simply a numbers issue. it has a big impact when you translate it into the lives of our residents. when you are talking about deficits that may impact the morning commute because you write muni -- you ride muni, or whether we're talking about closing down seven facilities, or whether we're talking about impacts to services, there is an impact to residents, so i think that impact of the budget is big, as well as economic growth for our residents. >> what are the biggest issues for your district? supervisor chu: sunset district is a great district. it has many residents who are families. we have a lot of families in our district. lots of kids, lots of seniors, people who have raised their families there for many generations, and one of the paramount thing is, aside from the larger issues that are important to the entire city -- i think the big issue that is really in people's minds is the state of the economy. how is it that we are going to be able to bring down the unemployment rate in san francisco? h
more revenue matched by additional cuts to match the sequester issue and the long-term deficit. >> buy the argument? >> the cuts have yet to happen. they are scheduled for the out years. congress says give us the revenue now and we promise, we promise we will get the cuts. that is exactly what the fiscal cliff deal was. they got revenue now. no cuts in there. the same old same old. i tell folks back home all the time, remember, this is promises from politicians. it is not a promise from your parents or your pastor or your priest. it is politicians saying give us some revenue and we promise we will get to the balanced approach later and promise we will cut spending later. mitch mcconnell is exactly right. they just got revenue. we have to cut spending. we have a $16 trillion debt. the credit card is maxed out. we have to cut spending. he is exactly right. let's focus on the problem which is this government can't control spending. we have to get control of it. >> we spoke at length during the campaign when you were the president's point person on the budget and you repeatedly stated and
already said, it we're going to be talking about further deficit reduction, but it has to be done in a balanced way. at the heart of this debt ceiling debates is whether or not we're going to continue to reduce the deficit. i think we need to do it in a thoughtful way. and the president said as long as it's balanced he's open to the conversation. >> okay. so i'm confused because i've heard him say multiple times i am not going to negotiate over raising this debt ceiling. so are you going to negotiate? >> i can just tell you this. the debt ceiling is something that we should put behind us in a hurry. you know, it was john engler, republican governor, former republican governor of michigan now head of the business roundtable said we ought to project debt ceilings for the next four or five years and not fight over them every time they come up and newt gingrich said it was a debt loser for the republicans to choose this as an issue. i'm saying the president should not have one of these last-minute showdowns over the debt ceiling, but we should speak in honest and i think complete term
. we have $16 trillion in debt. we have an annual deficit over a trillion dollars every single year, and we have $86 trillion in unfunded liabilities that we have no idea how to pay. the previous guest talked about raising taxes on rich people. the fact is you can take the net worth of every single american, take all of their money in their bank account, their homes, their cars, take everything, and you would be 30% short of the promises already made. you can't tax your way out of this. you have to have fundamental reform. you have to realign our entitlement systems so they are sustainable, and we have to be serious about this, and the pain of a temporary shut down pails in comparison to continuing the past we're on where we devastate our country and future generations. >> host: what do you think of the fiscal cliff deal that passed? >> guest: no good outcome achievable. we opposed the final deal because raising taxes on anyone is anti-growth. we have to focus op pro-growth policy to get the economy growing. we don't oppose new revenues, and revenues as a result of economic growth i
and dozens and you get a sense of the scale of our infrastructure problem and deficit. or consider the decline in human capital. we used to lead the world in young college graduates. we now rank 14th and dropping. the federal government spends plenty of money, but the largest part of our budget now goes directly to entitlements. spending on present consumption like entitlements has large constituencies and spending for the next generation of growth, investment, has few supporters. recently, the "washington post" interviewed the harvard scholar who famously predicted that japan would become the world's number one economy in the 1980s. vogel explained while japan's economic miracle was real and its economy stayed very sophisticated, he never foresaw how its political system would seize up and become unable to solve the challenges it faced in the 1990s. today japan remains a rich country, but with a diminishing future. its per capita gdp is now 24th in the world and falling. its growth government debt to gdp stands at over 230%. let's just hope that 20 years from now people do not loo
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